Wrap Text
Quarterly Activities Report
BHP Group Limited
BHP Group Limited ABN 49 004 028 077
Registered in Australia
Registered Office: Level 18, 171 Collins Street Melbourne VIC 3000
Share code: BHG
ISIN: AU000000BHP
17 July 2024
Operational review for the year ended 30 June 2024
Strong operational performance with record iron ore production and highest
copper production in over 15 years.
"We finished the year with a strong fourth quarter, achieving several production
records and we are meeting current production and unit cost guidance for all
commodities.
WAIO continued its strong performance, delivering a second consecutive year of
record production on the back of ongoing incremental improvements along its
supply chain as we progress toward our medium-term goal of increasing production
to greater than 305 Mtpa.
We achieved a strong performance across our copper business globally,
underpinned by the highest production in four years at Escondida and another
year of record production from Spence in Chile. Successful integration at Copper
South Australia has delivered additional production tonnes, and exceeded the
annualised synergies planned at the time of the OZL acquisition.
We successfully completed the sale of the Blackwater and Daunia metallurgical
coal operations on 2 April 2024. After a challenging year at BMA, we have plans
in place to increase production to between 43 and 45 Mtpa (100%) in the next
five years.
We continued to execute against our strategy, progressing growth options in the
commodities the world needs to meet the demands of the energy transition and
population growth. This includes our Jansen potash mine in Canada, where
construction of Stage 1 is now more than 50% complete and Stage 2 is underway.
We will see first production in 2026 and will be a major global producer of
potash by the end of the decade.
On 11 July we announced the temporary suspension of our Western Australia Nickel
operations from October 2024 as a result of an oversupply in the global nickel
market and protracted low nickel prices."
Mike Henry
BHP Chief Executive Officer
Summary
---------------------------------------------------------------------------------------------------------------------------------
Operational excellence Financial performance
Record production at WAIO and Spence Strong prices in key commodities
FY24 production guidance achieved for all commodities, with Average realised prices for copper and iron ore were higher in
metallurgical coal achieving the upper end of its revised FY24, while metallurgical coal prices remained relatively stable, and
guidance. nickel and energy coal prices were lower.
Record production at WAIO, Spence, and Carrapateena and the Unit cost guidance for FY24 is expected to be met at Escondida,
highest production in four years at Escondida. WAIO and Spence, and revised unit cost guidance is expected to
be met at BMA.
Total copper production increased 9% and is expected to
increase a further 4% in FY25./1/
---------------------------------------------------------------------------------------------------------------------------------
Portfolio Decarbonisation
Executing our strategy Progress on Scope 1, 2 and 3 emissions
We completed the divestment of Blackwater and Daunia, and We held an investor roundtable to provide an update on our
commenced construction of Jansen Stage 2, with Jansen Stage 1 decarbonisation progress, including our collaborations to trial
now >50% complete. We also completed the scheduled ramp up of battery electric haul trucks in the Pilbara and investigate a
both South Flank to full production capacity of 80 Mtpa pilot electric smelting furnace (ESF)
(100% basis) and the Carrapateena Crusher 2 project.
----------------------------------------------------------------------------------------------------------------------------------
Quarter performance YTD performance Production guidance
----------------------------- ----------------- -----------------------------------------
FY24 FY25 FY25e v FY24
Production Q4 FY24 v Q3 FY24 v Q4 FY23 FY24 v FY23 guidance guidance (actual)
---------------------------------------- --------- --------- --------- ------- --------- ------------- ------------- -------------
Copper (kt)............................. 504.9 8% 6% 1,865.2 9% 1,720 - 1,910 1,845 - 2,045 (1%) - 10%
Escondida (kt)....................... 309.2 7% 6% 1,125.3 7% 1,080 - 1,180 1,180 - 1,300 5% - 16%
Pampa Norte (kt)/i/.................. 65.9 7% (4%) 265.6 (8%) 210 - 250/i/ 240 - 270/i/ (6%) - 6%/i/
Copper South Australia (kt).......... 89.3 13% 17% 322.0 39% 310 - 340 310 - 340 (4%) - 6%
Antamina (kt)........................ 38.3 13% 5% 143.9 4% 120 - 140 115 - 135 (20%) - (6%)
Carajas (kt)......................... 2.2 (31%) 38% 8.4 -- -- --
Iron ore (Mt)........................... 69.2 13% 6% 259.7 1% 254 - 264.5 255 - 265.5 (2%) - 2%
WAIO (Mt)............................ 68.2 13% 6% 254.9 1% 250 - 260 250 - 260 (2%) - 2%
WAIO (100% basis) (Mt)............... 76.8 13% 6% 287.0 1% 282 - 294 282 - 294 (2%) - 2%
Samarco (Mt)......................... 1.0 (11%) (15%) 4.7 5% 4 - 4.5 5 - 5.5 5% - 16%
Metallurgical coal - BMA (Mt)/ii/....... 4.9 (18%) (42%) 22.3 (23%) 21.5 - 22.5 16.5 - 19 (26%) - (15%)
BMA (100% basis) (Mt)................ 9.8 (18%) (42%) 44.6 (23%) 43 - 45 33 - 38 (26%) - (15%)
Energy coal - NSWEC (Mt)................ 3.8 (10%) (21%) 15.4 8% 13 - 15 13 - 15 (15%) - (2%)
Nickel - Western Australia Nickel (kt).. 23.0 22% 5% 81.6 2% 77 - 87 -- --
i Production guidance for FY24 and FY25 is for Spence only and excludes Cerro
Colorado which produced 11 kt in FY24 before entering care and maintenance
in December 2023.
ii FY24 production includes 5 Mt (10 Mt on a 100% basis) from Blackwater and
Daunia mines until their divestment on 2 April 2024. Refer production
and sales report and metallurgical coal for more details.
--------------------------------------------------------------------------------
BHP | Operational review for the year ended 30 June 2024
Summary of disclosures
BHP expects its financial results for the second half of FY24 (H2 FY24) to
reflect certain items summarised in the table below. The table does not provide
a comprehensive list of all items impacting the period. The financial statements
are the subject of ongoing work that will not be finalised until the release of
the financial results on 27 August 2024. Accordingly, the information in the
table below contains preliminary information that is subject to update and
finalisation.
H2 FY24
impact/i/
Description (US$M) Classification/ii/
-----------------------------------------------------------------------------------------------------------------------------------
Unit costs (at guidance FX)
-----------------------------------------------------------------------------------------------------------------------------------
Unit costs for FY24 are expected to be within the guidance range at Escondida, -- Operating costs
in the lower half of the revised guidance range at BMA, in the upper half of
the guidance range at WAIO, and at the top end of the guidance range at Spence
-----------------------------------------------------------------------------------------------------------------------------------
Note: Average realised exchange rates for FY24 of AUD/USD 0.66
(guidance rate AUD/USD 0.67) and USD/CLP 907 (guidance rate USD/CLP 810).
-----------------------------------------------------------------------------------------------------------------------------------
Income statement
-----------------------------------------------------------------------------------------------------------------------------------
The Group's adjusted effective tax rate for FY24 is expected to be around the -- Taxation expense
midpoint of the guidance range of 30 - 35%
-----------------------------------------------------------------------------------------------------------------------------------
Increase in closure and rehabilitation provision for closed sites ~100 Up Operating costs
(predominantly in Group and Unallocated)
-----------------------------------------------------------------------------------------------------------------------------------
Cash flow statement
-----------------------------------------------------------------------------------------------------------------------------------
Working capital movements largely relating to the timing of receivables ~150 - 350 Up Operating cash flow
-----------------------------------------------------------------------------------------------------------------------------------
Cash tax paid ~3,350 - 3,450 Down Operating cash flow
-----------------------------------------------------------------------------------------------------------------------------------
Dividends received from equity-accounted investments ~200 Up Operating cash flow
-----------------------------------------------------------------------------------------------------------------------------------
Capital and exploration spend is expected to be approximately US$9.3 bn, -- Down Investing cash flow
below full year guidance of ~US$10 bn, primarily driven by favourable FX and
cash preservation decisions at Western Australia Nickel
-----------------------------------------------------------------------------------------------------------------------------------
Proceeds received from the sale of BHP's 50% interest in the Blackwater ~1,000 Up Investing cash flow
and Daunia mines/iii
-----------------------------------------------------------------------------------------------------------------------------------
Dividends paid to non-controlling interests ~800 Down Financing cash flow
-----------------------------------------------------------------------------------------------------------------------------------
Payment of the H1 FY24 dividend ~3,600 Down Financing cash flow
-----------------------------------------------------------------------------------------------------------------------------------
Exceptional items
-----------------------------------------------------------------------------------------------------------------------------------
Gain on sale of BHP's 50% interest in the Blackwater and Daunia mines ~650 - 750 Exceptional item
(after tax)
-----------------------------------------------------------------------------------------------------------------------------------
Impairment of Western Australia Nickel following the decision to temporarily ~300 Exceptional item
suspend operations. See Nickel section for further information.
-----------------------------------------------------------------------------------------------------------------------------------
Financial impact on BHP Brasil of the Samarco dam failure is subject to -- Exceptional item
ongoing work. See Iron ore section for further information on Samarco
operations.
-----------------------------------------------------------------------------------------------------------------------------------
i Numbers are not tax effected, unless otherwise noted.
ii There will be a corresponding balance sheet, cash flow and/or income
statement impact as relevant, unless otherwise noted.
iii A US$50 m deposit was received during H1 FY24. For detail on future payments
in relation to the divestment please refer to: BHP completes the divestment
of Daunia and Blackwater.
--------------------------------------------------------------------------------------------------------------
Further information in Appendix 1
Detailed production and sales information for all operations in Appendix 2
--------------------------------------------------------------------------------------------------------------
2
--------------------------------------------------------------------------------
BHP | Operational review for the year ended 30 June 2024
Segment and asset performance | FY24 YTD v FY23 YTD
Copper
Production Total copper production increased 9% to 1,865 kt. Copper production for FY25 is
expected to be between 1,845 and 2,045 kt.
1,865 kt Up 9%
Escondida 1,125 kt Up 7% (100% basis)
FY23 1,717 kt
Increased production was primarily due to a higher concentrator feed grade of
FY25e 1,845 - 2,045 kt 0.88% (including grade of 0.99% achieved in Q4 FY24), up from 0.82% in FY23, as
mining progressed into areas of higher-grade ore as planned following the
implementation of measures to manage geotechnical events in FY23. This was
Average realised price partially offset by planned lower cathode production, as a result of
prioritising concentrator throughput in prior years.
US$3.98/lb Up 9%
Production for FY25 is expected to be between 1,180 and 1,300 kt, driven by
FY23 US$3.65/lb higher grades and throughput, and is expected to be weighted to the second
half. Concentrator feed grade for FY25 is expected to be greater than 0.90%.
Pampa Norte 266 kt Down 8%
Spence production increased 6% to a record 255 kt, driven by improved
concentrator throughput and increases in both concentrator feed grade and
recoveries. Record concentrate production was partially offset by lower cathode
production, in line with an expected decline in stacked feed grade. The
concentrator plant modifications which commenced in August 2022 were completed
in June 2024.
Spence successfully completed negotiations for a new collective agreement with
the Union N(degree)1 of Operators and Maintainers, effective for 36 months from
1 June 2024.
Production at Spence for FY25 is expected to be between 240 and 270 kt.
Cerro Colorado entered temporary care and maintenance in December 2023, after
producing 11 kt for the period.
Copper South Australia 322 kt Up 39%
Successful integration following the acquisition of OZL in FY23 and strong
underlying operational performance across the asset delivered increased
production, as well as record material mined and concentrate smelted at Olympic
Dam. We have exceeded our planned annualised synergies, such as the processing
of Prominent Hill and Carrapateena concentrate at Olympic Dam into
higher-margin cathode and refined gold, resulting in annual records for cathode
and gold production at Olympic Dam. The successful commissioning and ramp up of
Crusher 2 led to record material mined and concentrate produced at
Carrapateena.
Production for FY25 is expected to be between 310 and 340 kt, weighted to the
second half.
We continued exploration drilling at OD Deeps and Oak Dam to enhance our
resource knowledge in support of our growth studies and we expect to provide an
Inferred Mineral Resource at Oak Dam later this calendar year.
Other copper
At Antamina, copper production increased 4% to 144 kt, as a result of record
concentrator throughput offsetting planned lower feed grades. Zinc production
was 17% lower at 103 kt, as a result of planned lower feed grades. Copper
production for FY25 is expected to be between 115 and 135 kt, due to mine
sequencing which will result in lower throughput, and zinc production is
expected to be between 90 and 110 kt.
Carajas produced 8.4 kt of copper and 5.8 troy koz of gold.
--------------------------------------------------------------------------------------------------------------
3
--------------------------------------------------------------------------------
BHP | Operational review for the year ended 30 June 2024
Iron ore
Production Iron ore production increased 1% to a record 260 Mt. Production for FY25 is
expected to be between 255 and 265.5 Mt.
260 Mt Up 1%
WAIO 255 Mt Up 1% | 287 Mt (100% basis)
FY23 257 Mt
WAIO achieved another full year production record of 255 Mt (287 Mt on a 100%
FY25e 255 - 265.5 Mt basis), reflecting strong supply chain performance with increased capacity
unlocked by the Port Debottlenecking Project 1 (PDP1) and record production at
South Flank. These more than offset the impacts of the continued tie-in
Average realised price activity for the Rail Technology Programme 1 (RTP1).
US$101.04/wmt Up 9%
South Flank completed ramp up to full production capacity of 80 Mtpa (100%
FY23 US$92.54/wmt basis) in FY24 as planned, which contributed to WAIO achieving record lump
sales for the year.
Following commissioning in December 2023, PDP1 has enabled higher production
volumes and contributed to record sales for the year. Ramp up remains on track
to be completed in CY24.
Production for FY25 is expected to be between 250 and 260 Mt (282 and 294 Mt on
a 100% basis) as we ramp up the planned tie-in activities for RTP1.
Samarco 4.7 Mt Up 5% | 9.5 Mt (100% basis)
Production increased as a result of higher concentrator throughput. FY25
production is expected to be between 5 and 5.5 Mt. The second concentrator at
Samarco is expected to come online during Q3 FY25, increasing production
capacity to approximately 16 Mtpa (100% basis) of pellets once fully ramped up.
--------------------------------------------------------------------------------------------------------------
Coal
Metallurgical coal
Production BMA 22.3 Mt Down 23% | 44.6 Mt (100% basis)
22.3 Mt Down 23% Production decreased as a result of increased stripping to improve supply chain
stability and restore depleted inventory positions which arose from extended
FY23 29.0 Mt weather impacts and labour constraints over recent years, and the divestment of
Blackwater and Daunia on 2 April 2024. Production was also impacted by an
FY25e 16.5 - 19 Mt extended longwall move and geotechnical faulting at Broadmeadow during H1 FY24,
and the temporary suspension of operations following the fatality of a team
member at Saraji.
Average realised price
Blackwater and Daunia produced 5 Mt (10 Mt on a 100% basis) in FY24 prior to
US$266.06/t Down 2% their divestment.
FY23 US$271.05/t Production for FY25 is expected to be between 16.5 and 19 Mt (33 and 38 Mt on a
100% basis) reflecting the divestment of Blackwater and Daunia and impact of
elevated strip ratios as we continue to improve supply chain stability and
re-establish raw coal inventory positions.
In the next five years, we expect to increase production to between 21.5 and 22.5
Mtpa (43 and 45 Mtpa on a 100% basis) once BMA is operating with sustainable
inventory levels and strip ratios normalise.
--------------------------------------------------------------------------------------------------------------
Energy coal
Production NSWEC 15.4 Mt Up 8%
15.4 Mt Up 8% Production increased due to strong operating performance across the year as
improved weather and labour availability enabled an uplift in truck
FY23 14.2 Mt productivity. This included 1.3 Mt to support regional coal-fired power
stations in line with the NSW Government Market Price Emergency (Directions for
FY25e 13 - 15 Mt Coal Mines) Notice (Directions). The Directions ceased on 1 July 2024, with the
change in royalty rates for open cut mines increasing 2.6% points, from 8.2% to
10.8%.
Average realised price
Production for FY25 is expected to be between 13 and 15 Mt.
US$121.52/t Down 49%
We continue to progress our plans to cease mining at the asset in FY30,
FY23 US$236.51/t including delivering on our progressive rehabilitation commitments during FY24.
4
--------------------------------------------------------------------------------
BHP | Operational review for the year ended 30 June 2024
Group & Unallocated
Nickel
Production Western Australia Nickel 81.6 kt Up 2%
81.6 kt Up 2% Nickel West production was in line with the prior year. We produced a higher
proportion of the lower-value matte products as a result of increased
FY23 80.0 kt maintenance at Kwinana Refinery and severe weather events in March 2024.
On 11 July 2024, we announced the temporary suspension of operations at Western
Average realised price Australia Nickel with a transition period to commence from July 2024.
Operations will be suspended by October 2024 and handover activities for
US$18,197/t Down 24% temporary suspension will be completed by December 2024. During the temporary
suspension, we will invest ~US$300 m per annum in the facilities to enable a
FY23 US$24,021/t potential restart.
We are expecting to report an underlying EBITDA loss of ~US$300 m at Western
Australia Nickel for FY24 and to recognise a further non-cash impairment charge
of US$0.3 bn (pre-tax) as an exceptional item in the Group's FY24 Financial
Statements.
Quarterly performance | Q4 FY24 v Q3 FY24
----------------------------------------------------------------- ---------------------------------------------------------------
Copper Iron ore
505 kt Up 8% Higher concentrator grade and throughput at 69 Mt Up 13% Record monthly and quarterly production
Escondida, and higher volumes at Copper SA achieved at WAIO as a result of strong
Q3 FY24 466 kt with record production at Carrapateena Q3 FY24 61 Mt underlying performance at the mines and
following the commissioning of Crusher 2 in the benefits of PDP1, as well as the
Q3 FY24. prior quarter impacts of wet weather and
a bushfire near Yandi.
----------------------------------------------------------------- ---------------------------------------------------------------
Metallurgical coal Energy coal
4.9 Mt Down 18% Production decreased following the 3.8 Mt Down 10% Lower production as a result of
divestment of the Blackwater and Daunia unfavourable weather, maintenance works
Q3 FY24 6.0 Mt mines on 2 April 2024. Production increased Q3 FY24 4.1 Mt brought forward from Q1 FY25, and a
at the remaining operations as a result of higher proportion of washed coal.
improved truck productivity and favourable
weather conditions.
----------------------------------------------------------------- ---------------------------------------------------------------
Nickel
23 kt Up 22% Higher production following prior period
impacts from planned maintenance at the
Q3 FY24 19 kt Kwinana Refinery and a severe weather event
in March.
---------------------------------------------------------------------------------------------------------------------------------
The following footnotes apply to this Operational Review:
1 At the midpoint of total copper production guidance for FY25 of
1,845 - 2,045 kt
5
--------------------------------------------------------------------------------
BHP | Operational review for the year ended 30 June 2024
Appendix 1
Average realised prices/i/
Quarter H2 FY24 YTD
--------------------- -------------------------------- ------------------
Q4 FY24 v Q3 FY24 H2 FY24 v H1 HY24 v H2 FY23 FY24 v FY23
--------- ----------- --------- ---------- ----------- -------- ---------
Copper (US$/lb)/ii,iii,iv/.............................. 4.58 19% 4.27 17% 12% 3.98 9%
Iron ore (US$/wmt, FOB)/v/.......................... 91.31 (14%) 98.49 (5%) (1%) 101.04 9%
Metallurgical coal (US$/t)/vi/....................... 245.29 (13%) 265.71 (0%) (3%) 266.06 (2%)
Hard coking coal (US$/t)/vii/...................... 246.02 (16%) 271.26 (1%) (2%) 273.03 (0%)
Weak coking coal (US$/t)/vii/...................... 161.70 (23%) 206.84 1% (17%) 205.54 (18%)
Thermal coal (US$/t)/vi,viii/...........................123.38 6% 119.57 (3%) (24%) 121.52 (49%)
Nickel metal (US$/t)/ix/............................. 18,414 11% 17,744 (5%) (25%) 18,197 (24%)
i Based on provisional, unaudited estimates. Prices exclude sales from equity
accounted investments, third party product and internal sales, and
represent the weighted average of various sales terms (for example: FOB,
CIF and CFR), unless otherwise noted. Includes the impact of provisional
pricing and finalisation adjustments.
ii At 30 June 2024, the Group had 430 kt of outstanding copper sales that were
revalued at a weighted average price of US$4.33/lb. The final price of
these sales will be determined in FY25. In addition, 342 kt of copper sales
from FY23 were subject to a finalisation adjustment in the current period.
The displayed prices include the impact of these provisional pricing and
finalisation adjustments.
iii The large majority of copper cathodes sales were linked to index price for
quotation periods one month after month of shipment, and three to four
months after month of shipment for copper concentrates sales with price
differentials applied for location and treatment costs.
iv Sales from Carrapateena and Prominent Hill acquired through the
purchase of OZL are included for Q4 FY24.
v The large majority of iron ore shipments were linked to index pricing for
the month of shipment, with price differentials predominantly a reflection
of market fundamentals and product quality. Iron ore sales for FY24 and Q4
FY24 were based on an average moisture rate of 6.7% and 6.9% respectively.
vi The large majority of metallurgical coal and energy coal exports were
linked to index pricing for the month of scheduled shipment or priced on
the spot market at fixed or index-linked prices, with price differentials
reflecting product quality.
viiHard coking coal (HCC) refers generally to those metallurgical coals with a
Coke Strength after Reaction (CSR) of 35 and above, which includes coals
across the spectrum from Premium Coking to Semi Hard Coking coals, while
weak coking coal (WCC) refers generally to those metallurgical coals with a
CSR below 35.
viiiExport sales only. Includes thermal coal sales from metallurgical coal
mines.
ix Relates to refined nickel metal only, excludes intermediate products and
nickel sulphate.
Current year unit cost guidance
Current
FY24 guidance/i/
----------------
Escondida unit cost (US$/lb)/ii/............................... 1.40 - 1.70 Unchanged
Spence unit cost (US$/lb)..................................... 2.00 - 2.30 Top end
WAIO unit cost (US$/t)........................................ 17.40 - 18.90 Upper half
BMA unit cost (US$/t)......................................... 119 - 125 Lower half
i FY24 unit cost guidance is based on exchange rates of AUD/USD 0.67 and
USD/CLP 810.
ii Escondida unit costs for FY24 onwards exclude revenue-based government
royalties.
Major projects
Capital First
expenditure production
Commodity Project and ownership Project scope / capacity US$M target date Progress
--------- --------------------- ------------------------------------------ ----------- ----------- -----------------------
Potash Jansen Stage 1 Design, engineering and construction of an 5,723 End-CY26 Project is 52% complete
(Canada) underground potash mine and surface
100% infrastructure, with capacity to produce
4.15 Mtpa.
Potash Jansen Stage 2 Development of additional mining districts, 4,859 FY29 Project is 2% complete
(Canada) completion of the second shaft hoist
100% infrastructure, expansion of processing
facilities and addition of rail cars to
facilitate production of an incremental
4.36 Mtpa.
The operating expenditure related to Potash for FY24 is expected to be
~US$250m.
Exploration
Minerals exploration and evaluation expenditure was US$457 m for FY24 (FY23:
US$350 m) of which US$399 m was expensed (FY23: US$294m).
6
--------------------------------------------------------------------------------
BHP | Operational review for the year ended 30 June 2024
Appendix 2
Production
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Jun Sep Dec Mar Jun Jun Jun Var
2023 2023 2023 2024 2024 2024 2023 %
------- ------- ------- ------- ------- ------- ------- -------
Group production and sales summary
By commodity
Metals production is payable metal unless otherwise noted.
Throughout this report figures in italics indicate that this figure has been adjusted since it was previously reported.
Copper Payable metal in concentrate kt 310.7 317.3 308.7 339.1 370.5 1,335.6 1,117.9 19%
------- ------- ------- ------- ------- ------- ------- -------
Escondida kt 220.5 221.3 207.7 239.2 258.5 926.7 832.7 11%
Pampa Norte kt 32.2 38.8 32.6 39.5 39.4 150.3 125.3 20%
Copper South Australia kt 19.9 23.5 27.4 23.3 32.1 106.3 19.9 434%
Antamina kt 36.5 32.5 39.2 33.9 38.3 143.9 138.4 4%
Carajas kt 1.6 1.2 1.8 3.2 2.2 8.4 1.6 425%
------- ------- ------- ------- ------- ------- ------- -------
Cathode kt 165.5 139.7 128.7 126.8 134.4 529.6 598.6 (12)%
------- ------- ------- ------- ------- ------- ------- -------
Escondida kt 72.5 52.0 46.9 49.0 50.7 198.6 222.6 (11)%
Pampa Norte kt 36.3 39.5 27.2 22.1 26.5 115.3 163.5 (29)%
Copper South Australia kt 56.7 48.2 54.6 55.7 57.2 215.7 212.5 2%
Total kt 476.2 457.0 437.4 465.9 504.9 1,865.2 1,716.5 9%
------- ------- ------- ------- ------- ------- ------- -------
Lead Payable metal in concentrate t 146 96 105 -- 131 332 657 (49)%
------- ------- ------- ------- ------- ------- ------- -------
Antamina t 146 96 105 -- 131 332 657 (49)%
------- ------- ------- ------- ------- ------- ------- -------
Zinc Payable metal in concentrate t 38,822 35,669 33,475 18,409 15,839 103,392 125,048 (17)%
------- ------- ------- ------- ------- ------- ------- -------
Antamina t 38,822 35,669 33,475 18,409 15,839 103,392 125,048 (17)%
------- ------- ------- ------- ------- ------- ------- -------
Gold Payable metal in concentrate troy oz 96,655 89,024 94,794 79,284 100,113 363,215 249,795 45%
Escondida troy oz 53,503 48,063 48,633 38,955 45,410 181,061 189,095 (4)%
Pampa Norte troy oz 9,263 3,931 2,854 1,819 4,676 13,280 26,811 (50)%
Copper South Australia troy oz 32,736 36,228 42,051 36,427 48,355 163,061 32,736 398%
Carajas troy oz 1,153 802 1,256 2,083 1,672 5,813 1,153 404%
------- ------- ------- ------- ------- ------- ------- -------
Refined gold troy oz 46,479 53,028 55,828 49,128 49,139 207,123 186,029 11%
------- ------- ------- ------- ------- ------- ------- -------
Copper South Australia troy oz 46,479 53,028 55,828 49,128 49,139 207,123 186,029 11%
Total troy oz 143,134 142,052 150,622 128,412 149,252 570,338 435,824 31%
------- ------- ------- ------- ------- ------- ------- -------
Silver Payable metal in concentrate troy koz 2,592 2,582 3,074 2,620 3,317 11,593 10,478 11%
------- ------- ------- ------- ------- ------- ------- -------
Escondida troy koz 1,008 1,168 1,401 1,328 1,549 5,446 5,074 7%
Pampa Norte troy koz 412 356 388 327 583 1,654 1,318 25%
Copper South Australia troy koz 201 260 310 252 312 1,134 201 464%
Antamina troy koz 971 798 975 713 873 3,359 3,885 (14)%
------- ------- ------- ------- ------- ------- ------- -------
Refined silver troy koz 256 261 221 248 265 995 1,089 (9)%
------- ------- ------- ------- ------- ------- ------- -------
Copper South Australia troy koz 256 261 221 248 265 995 1,089 (9)%
Total troy koz 2,848 2,843 3,295 2,868 3,582 12,588 11,567 9%
------- ------- ------- ------- ------- ------- ------- -------
Uranium Payable metal in concentrate t 813 825 986 863 929 3,603 3,406 6%
------- ------- ------- ------- ------- ------- ------- -------
Copper South Australia t 813 825 986 863 929 3,603 3,406 6%
------- ------- ------- ------- ------- ------- ------- -------
Molybdenum Payable metal in concentrate t 666 612 481 824 699 2,616 2,162 21%
------- ------- ------- ------- ------- ------- ------- -------
Pampa Norte t 333 329 145 203 117 794 990 (20)%
Antamina t 333 283 336 621 582 1,822 1,172 55%
------- ------- ------- ------- ------- ------- ------- -------
Iron ore Western Australia Iron
Ore (WAIO) kt 64,074 62,004 64,460 60,299 68,173 254,936 252,531 1%
Samarco kt 1,221 1,231 1,302 1,174 1,041 4,748 4,512 5%
Total kt 65,295 63,235 65,762 61,473 69,214 259,684 257,043 1%
------- ------- ------- ------- ------- ------- ------- -------
Metallurgical
coal/1/ BHP Mitsubishi Alliance (BMA) kt 8,477 5,601 5,717 6,035 4,922 22,275 29,020 (23)%
------- ------- ------- ------- ------- ------- ------- -------
Energy coal NSW Energy Coal (NSWEC) kt 4,765 3,613 3,855 4,149 3,751 15,368 14,172 8%
------- ------- ------- ------- ------- ------- ------- -------
Nickel Western Australia Nickel kt 22.0 20.2 19.6 18.8 23.0 81.6 80.0 2%
------- ------- ------- ------- ------- ------- ------- -------
Cobalt Western Australia Nickel t 246 192 182 179 181 734 752 (2)%
------- ------- ------- ------- ------- ------- ------- -------
1 Includes BMA thermal coal sales.
Sales
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Jun Sep Dec Mar Jun Jun Jun Var
2023 2023 2023 2024 2024 2024 2023 %
------- ------- ------- ------- ------- ------- ------- -------
Group production and sales summary
By commodity
Metals production is payable metal unless otherwise noted.
Throughout this report figures in italics indicate that this figure has been adjusted since it was previously reported.
Copper Payable metal in concentrate kt 323.1 298.0 316.5 281.6 378.8 1,274.9 1,124.5 13%
------- ------- ------- ------- ------- ------- ------- -------
Escondida kt 220.3 209.5 211.7 204.0 261.3 886.5 830.3 7%
Pampa Norte kt 38.6 31.3 34.9 26.9 49.3 142.4 125.3 14%
Copper South Australia kt 27.6 22.2 31.6 17.1 28.0 98.9 27.6 258%
Antamina kt 34.5 32.8 38.3 31.3 37.4 139.8 139.2 0%
Carajas kt 2.1 2.2 -- 2.3 2.8 7.3 2.1 248%
------- ------- ------- ------- ------- ------- ------- -------
Cathode kt 179.9 131.9 137.6 120.1 142.3 531.9 600.3 (11)%
------- ------- ------- ------- ------- ------- ------- -------
Escondida kt 78.0 49.2 52.2 44.3 54.6 200.3 221.2 (9)%
Pampa Norte kt 42.4 36.6 31.1 22.1 26.5 116.3 166.4 (30)%
Copper South Australia kt 59.5 46.1 54.3 53.7 61.2 215.3 212.7 1%
Total kt 503.0 429.9 454.1 401.7 521.1 1,806.8 1,724.8 5%
------- ------- ------- ------- ------- ------- ------- -------
Lead Payable metal in concentrate t 143 154 91 108 9 362 545 (34)%
------- ------- ------- ------- ------- ------- ------- -------
Antamina t 143 154 91 108 9 362 545 (34)%
------- ------- ------- ------- ------- ------- ------- -------
Zinc Payable metal in concentrate t 37,629 33,912 37,092 17,559 14,118 102,681 126,427 (19)%
------- ------- ------- ------- ------- ------- ------- -------
Antamina t 37,629 33,912 37,092 17,559 14,118 102,681 126,427 (19)%
------- ------- ------- ------- ------- ------- ------- -------
Gold Payable metal in concentrate troy oz 108,552 87,703 98,969 70,493 92,433 349,598 261,692 34%
------- ------- ------- ------- ------- ------- ------- -------
Escondida troy oz 53,503 48,063 48,633 38,955 45,410 181,061 189,095 (4)%
Pampa Norte troy oz 9,263 3,931 2,854 1,819 4,676 13,280 26,811 (50)%
Copper South Australia troy oz 44,098 34,176 47,482 28,136 40,507 150,301 44,098 241%
Carajas troy oz 1,688 1,533 -- 1,583 1,840 4,956 1,688 194%
------- ------- ------- ------- ------- ------- ------- -------
Refined gold troy oz 49,182 54,036 55,349 41,710 52,687 203,782 187,924 8%
------- ------- ------- ------- ------- ------- ------- -------
Copper South Australia troy oz 49,182 54,036 55,349 41,710 52,687 203,782 187,924 8%
Total troy oz 157,734 141,739 154,318 112,203 145,120 553,380 449,616 23%
------- ------- ------- ------- ------- ------- ------- -------
Silver Payable metal in concentrate troy koz 2,409 2,527 2,938 2,431 3,137 11,033 10,014 10%
------- ------- ------- ------- ------- ------- ------- -------
Escondida troy koz 1,008 1,168 1,401 1,328 1,549 5,446 5,074 7%
Pampa Norte troy koz 412 356 388 327 583 1,654 1,318 25%
Copper South Australia troy koz 242 258 364 189 311 1,122 242 364%
Antamina troy koz 747 745 785 587 694 2,811 3,380 (17)%
------- ------- ------- ------- ------- ------- ------- -------
Refined silver troy koz 270 219 222 188 329 958 1,130 (15)%
------- ------- ------- ------- ------- ------- ------- -------
Copper South Australia troy koz 270 219 222 188 329 958 1,130 (15)%
Total troy koz 2,679 2,746 3,160 2,619 3,466 23,024 21,158 9%
------- ------- ------- ------- ------- ------- ------- -------
Uranium Payable metal in concentrate t 1,275 481 895 394 1,554 3,324 3,357 (1)%
------- ------- ------- ------- ------- ------- ------- -------
Copper South Australia t 1,275 481 895 394 1,554 3,324 3,357 (1)%
------- ------- ------- ------- ------- ------- ------- -------
Molybdenum Payable metal in concentrate t 594 564 468 677 678 2,387 2,172 10%
------- ------- ------- ------- ------- ------- ------- -------
Pampa Norte t 367 303 162 219 134 818 1,100 (26)%
Antamina t 227 261 306 458 544 1,569 1,072 46%
------- ------- ------- ------- ------- ------- ------- -------
Iron ore Western Australia Iron
Ore (WAIO) kt 62,926 64,180 62,606 61,868 67,323 255,977 248,883 3%
Samarco kt 1,160 1,136 1,329 1,258 1,043 4,766 4,514 6%
Total kt 64,086 65,316 63,935 63,126 68,366 260,743 253,397 3%
------- ------- ------- ------- ------- ------- ------- -------
Metallurgical
coal/1/ BHP Mitsubishi Alliance (BMA) kt 8,876 5,325 5,706 6,359 4,904 22,294 28,571 (22)%
------- ------- ------- ------- ------- ------- ------- -------
Energy coal NSW Energy Coal (NSWEC) kt 4,894 3,307 4,250 3,932 3,678 15,167 13,864 9%
------- ------- ------- ------- ------- ------- ------- -------
Nickel Western Australia Nickel kt 23.4 18.9 20.0 18.8 23.2 80.9 82.1 (1)%
------- ------- ------- ------- ------- ------- ------- -------
Cobalt Western Australia Nickel t 246 192 110 179 181 662 752 (12)%
------- ------- ------- ------- ------- ------- ------- -------
1 Includes BMA thermal coal sales.
7
--------------------------------------------------------------------------------
BHP | Operational review for the year ended 30 June 2024
Production
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Jun Sep Dec Mar Jun Jun Jun Var
2023 2023 2023 2024 2024 2024 2023 %
------- ------- ------- ------- ------- ------- ------- -------
Production and sales
By asset
Copper
Metals production is payable metal unless otherwise noted.
Escondida, Chile/1/ BHP interest 57.5%
Material mined kt 95,451 87,462 95,168 103,872 102,752 389,254 413,856 (6)%
Concentrator throughput kt 30,750 33,332 34,752 31,653 34,377 134,114 130,864 2%
Average copper grade -
concentrator % 0.93% 0.85% 0.78% 0.92% 0.99% 0.88% 0.82% 7%
Production ex mill kt 228.9 225.7 217.6 238.6 279.5 961.4 866.3 11%
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 220.5 221.3 207.7 239.2 258.5 926.7 832.7 11%
Copper cathode (EW) kt 72.5 52.0 46.9 49.0 50.7 198.6 222.6 (11)%
Oxide leach kt 29.3 17.5 17.0 14.4 13.8 62.7 76.8 (18)%
Sulphide leach kt 43.2 34.5 29.9 34.6 36.9 135.9 145.8 (7)%
Total copper kt 293.0 273.3 254.6 288.2 309.2 1,125.3 1,055.3 7%
------- ------- ------- ------- ------- ------- ------- -------
Payable gold concentrate troy oz 53,503 48,063 48,633 38,955 45,410 181,061 189,095 (4)%
Payable silver concentrate troy koz 1,008 1,168 1,401 1,328 1,549 5,446 5,074 7%
------- ------- ------- ------- ------- ------- ------- -------
1 Shown on a 100% basis.
Pampa Norte, Chile BHP interest 100%
Copper Payable metal in concentrate kt 32.2 38.8 32.6 39.5 39.4 150.3 125.3 20%
Cathode kt 36.3 39.5 27.2 22.1 26.5 115.3 163.5 (29)%
Total copper kt 68.5 78.3 59.8 61.6 65.9 265.6 288.8 (8)%
------- ------- ------- ------- ------- ------- ------- -------
Gold troy oz 9,263 3,931 2,854 1,819 4,676 13,280 26,811 (50)%
------- ------- ------- ------- ------- ------- ------- -------
Silver troy koz 412 356 388 327 583 1,654 1,318 25%
------- ------- ------- ------- ------- ------- ------- -------
Molybdenum t 333 329 145 203 117 794 990 (20)%
------- ------- ------- ------- ------- ------- ------- -------
Cerro Colorado/1/
Material mined kt 145 -- -- -- -- -- 4,079 (100)%
Ore stacked kt 3,928 154 -- -- -- 154 15,987 (99)%
Average copper grade - stacked % 0.53% 0.58% -- -- -- 0.58% 0.55% 6%
------- ------- ------- ------- ------- ------- ------- -------
Copper cathode (EW) kt 12.2 9.5 1.6 -- -- 11.1 49.2 (77)%
Spence
Material mined kt 25,622 27,654 25,973 15,968 19,951 89,546 104,416 (14)%
Ore stacked kt 5,625 5,113 4,744 6,008 5,926 21,791 21,304 2%
Average copper grade - stacked % 0.58% 0.60% 0.59% 0.56% 0.54% 0.57% 0.64% (10)%
Concentrator throughput kt 6,927 8,473 7,151 8,055 7,766 31,445 28,252 11%
Average copper grade -
concentrator % 0.61% 0.64% 0.65% 0.64% 0.70% 0.66% 0.61% 7%
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 32.2 38.8 32.6 39.5 39.4 150.3 125.3 20%
Copper cathode (EW) kt 24.1 30.0 25.6 22.1 26.5 104.2 114.3 (9)%
Total copper kt 56.3 68.8 58.2 61.6 65.9 254.5 239.6 6%
------- ------- ------- ------- ------- ------- ------- -------
Payable gold concentrate troy oz 9,263 3,931 2,854 1,819 4,676 13,280 26,811 (50)%
Payable silver concentrate troy koz 412 356 388 327 583 1,654 1,318 25%
Payable molybdenum t 333 329 145 203 117 794 990 (20)%
------- ------- ------- ------- ------- ------- ------- -------
1 Cerro Colorado entered temporary care and maintenance in December 2023.
Sales
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Jun Sep Dec Mar Jun Jun Jun Var
2023 2023 2023 2024 2024 2024 2023 %
------- ------- ------- ------- ------- ------- ------- -------
Production and sales
By asset
Copper
Metals production is payable metal unless otherwise noted.
Escondida, Chile/1/ BHP interest 57.5%
Material mined kt
Concentrator throughput kt
Average copper grade -
concentrator %
Production ex mill kt
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 220.3 209.5 211.7 204.0 261.3 886. 5 830.3 7%
Copper cathode (EW) kt 78.0 49.2 52.2 44.3 54.6 200. 3 221.2 (9)%
Oxide leach kt
Sulphide leach kt
Total copper kt 298.3 258.7 263.9 248.3 315.9 1,086. 8 1,051.5 3%
------- ------- ------- ------- ------- ------- ------- -------
Payable gold concentrate troy oz 53,503 48,063 48,633 38,955 45,410 181,061 189,095 (4)%
Payable silver concentrate troy koz 1,008 1,168 1,401 1,328 1,549 5,446 5,074 7%
------- ------- ------- ------- ------- ------- ------- -------
1 Shown on a 100% basis.
Pampa Norte, Chile BHP interest 100%
Copper Payable metal in concentrate kt 38.6 31.3 34.9 26.9 49.3 142.4 125.3 14%
Cathode kt 42.4 36.6 31.1 22.1 26.5 116.3 166.4 (30)%
Total copper kt 81.0 67.9 66.0 49.0 75.8 258.7 291.7 (11)%
------- ------- ------- ------- ------- ------- ------- -------
Gold troy oz 9,263 3,931 2,854 1,819 4,676 13,280 26,811 (50)%
------- ------- ------- ------- ------- ------- ------- -------
Silver troy koz 412 356 388 327 583 1,654 1,318 25%
------- ------- ------- ------- ------- ------- ------- -------
Molybdenum t 367 303 162 219 134 818 1,100 (26)%
------- ------- ------- ------- ------- ------- ------- -------
Cerro Colorado/1/
Material mined kt
Ore stacked kt
Average copper grade - stacked %
------- ------- ------- ------- ------- ------- ------- -------
Copper cathode (EW) kt 14.1 8.8 3.7 -- -- 12.5 50.5 (75)%
Spence
Material mined kt
Ore stacked kt
Average copper grade - stacked %
Concentrator throughput kt
Average copper grade -
concentrator %
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 38.6 31.3 34.9 26.9 49.3 142.4 125.3 14%
Copper cathode (EW) kt 28.3 27.8 27.4 22.1 26.5 103.8 115.9 (10)%
Total copper kt 66.9 59.1 62.3 49.0 75.8 246.2 241.2 2%
------- ------- ------- ------- ------- ------- ------- -------
Payable gold concentrate troy oz 9,263 3,931 2,854 1,819 4,676 13,280 26,811 (50)%
Payable silver concentrate troy koz 412 356 388 327 583 1,654 1,318 25%
Payable molybdenum t 367 303 162 219 134 818 1,100 (26)%
------- ------- ------- ------- ------- ------- ------- -------
1 Cerro Colorado entered temporary care and maintenance in December 2023.
8
--------------------------------------------------------------------------------
BHP | Operational review for the year ended 30 June 2024
Production
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Jun Sep Dec Mar Jun Jun Jun Var
2023 2023 2023 2024 2024 2024 2023 %
------- ------- ------- ------- ------- ------- ------- -------
Copper (continued)
Copper South Australia, Australia BHP interest 100%
Copper Payable metal in concentrate kt 19.9 26.2 30.6 27.4 34.7 118.9 19.9 497%
Cathode kt 56.7 48.2 54.6 55.7 57.2 215.7 212.5 2%
Total copper kt 76.6 74.4 85.2 83.1 91.9 334.6 232.4 44%
------- ------- ------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam/1/ kt -- (2.7) (3.2) (4.1) (2.6) (12.6) 0.0
Net copper kt 76.6 71.7 82 79.0 89.3 322.0 232.4 39%
------- ------- ------- ------- ------- ------- ------- -------
Gold Payable metal in concentrate troy oz 32,736 41,424 48,051 43,209 52,045 184,729 32,736 464%
Refined gold troy oz 46,479 53,028 55,828 49,128 49,139 207,123 186,029 11%
Total gold troy oz 79,215 94,452 103,879 92,337 101,184 391,852 218,765 79%
------- ------- ------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam/1/ troy oz -- (5,196) (6,000) (6,782) (3,690) (21,668) --
Net gold troy oz 79,215 89,256 97,879 85,555 97,494 370,184 218,765 69%
------- ------- ------- ------- ------- ------- ------- -------
Silver Payable metal in concentrate troy koz 201 271 323 282 333 1,209 201 501%
Refined silver troy koz 256 261 221 248 265 995 1,089 (9)%
Total silver troy koz 457 532 544 530 598 2,204 1,290 71%
------- ------- ------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam/1/ troy koz -- (11) (13) (30) (21) (75) --
Net silver troy koz 457 521 531 500 577 2,129 1,290 65%
------- ------- ------- ------- ------- ------- ------- -------
Uranium t 813 825 986 863 929 3,603 3,406 6%
------- ------- ------- ------- ------- ------- ------- -------
Olympic Dam
Material mined kt 2,356 2,655 2,537 2,747 2,815 10,754 9,349 15%
Ore milled kt 2,755 2,596 2,634 2,511 2,912 10,653 10,445 2%
Average copper grade % 2.00% 1.96% 2.12% 1.96% 2.00% 2.01% 2.04% (1)%
Average uranium grade kg/t 0.55 0.56 0.62 0.57 0.58 0.58 0.57 1%
------- ------- ------- ------- ------- ------- ------- -------
Copper cathode (ER and EW) kt 56.7 48.2 54.6 55.7 57.2 215.7 212.5 2%
Refined gold troy oz 46,479 53,028 55,828 49,128 49,139 207,123 186,029 11%
Refined silver troy koz 256 261 221 248 265 995 1,089 (9)%
Payable uranium t 813 825 986 863 929 3,603 3,406 6%
Prominent Hill/2/
Material mined kt 661 1,110 1,125 1,094 1,175 4,504 661 581%
Ore milled kt 1,228 1,652 1,800 1,473 1,815 6,740 1,228 449%
Average copper grade % 0.77% 0.85% 0.83% 0.86% 0.94% 0.87% 0.77% 13%
Concentrate produced kt 16.3 23.8 23.6 22.3 28.4 98.1 16.3 502%
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 8.2 12.1 12.9 10.9 14.6 50.5 8.2 516%
Payable gold concentrate troy oz 17,432 22,031 25,779 21,019 25,357 94,186 17,432 440%
Payable silver concentrate troy koz 44 63 65 62 90 280 44 536%
Carrapateena/2/
Material mined kt 880 1,201 1,310 1,232 1,486 5,229 880 494%
Ore milled kt 856 1,230 1,307 1,226 1,450 5,213 856 509%
Average copper grade % 1.52% 1.29% 1.52% 1.52% 1.57% 1.48% 1.52% (3)%
Concentrate produced kt 30.1 37.6 49.2 45.9 62.0 194.7 30.1 547%
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 11.7 14.1 17.7 16.5 20.1 68.4 11.7 485%
Payable gold concentrate troy oz 15,304 19,393 22,272 22,190 26,688 90,543 15,304 492%
Payable silver concentrate troy koz 157 208 258 220 243 929 157 492%
------- ------- ------- ------- ------- ------- ------- -------
1 Excludes prior year production previously reported and transferred during the period.
2 Production and sales included from 1 May 2023, following the acquisition of OZL on 2 May 2023.
Sales
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Jun Sep Dec Mar Jun Jun Jun Var
2023 2023 2023 2024 2024 2024 2023 %
------- ------- ------- ------- ------- ------- ------- -------
Copper (continued)
Copper South Australia, Australia BHP interest 100%
Copper Payable metal in concentrate kt 27.6 22.2 31.6 17.1 28.0 98.9 27.6 258%
Cathode kt 59.5 46.1 54.3 53.7 61.2 215.3 212.7 1%
Total copper kt 87.1 68.3 85.9 70.8 89.2 314.2 240.3 31%
------- ------- ------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam/1/ kt
Net copper kt
------- ------- ------- ------- ------- ------- ------- -------
Gold Payable metal in concentrate troy oz 44,098 34,176 47,482 28,136 40,507 150,301 44,098 241%
Refined gold troy oz 49,182 54,036 55,349 41,710 52,687 203,782 187,924 8%
Total gold troy oz 93,280 88,212 102,831 69,846 93,194 354,083 232,022 53%
------- ------- ------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam/1/ troy oz
Net gold troy oz
------- ------- ------- ------- ------- ------- ------- -------
Silver Payable metal in concentrate troy koz 242 258 364 189 311 1,122 242 364%
Refined silver troy koz 270 219 222 188 329 958 1,130 (15)%
Total silver troy koz 512 477 586 377 640 2,080 1,372 52%
------- ------- ------- ------- ------- ------- ------- -------
Payable metal in concentrate
transfer to Olympic Dam/1/ troy koz
Net silver troy koz
------- ------- ------- ------- ------- ------- ------- -------
Uranium t 1,275 481 895 394 1,554 3,324 3,357 (1)%
------- ------- ------- ------- ------- ------- ------- -------
Olympic Dam
Material mined kt
Ore milled kt
Average copper grade %
Average uranium grade kg/t
------- ------- ------- ------- ------- ------- ------- -------
Copper cathode (ER and EW) kt 59.5 46.1 54.3 53.7 61.2 215.3 212.7 1%
Refined gold troy oz 49,182 54,036 55,349 41,710 52,687 203,782 187,924 8%
Refined silver troy koz 270 219 222 188 329 958 1,130 (15)%
Payable uranium t 1,275 481 895 394 1,554 3,324 3,357 (1)%
Prominent Hill/2/
Material mined kt
Ore milled kt
Average copper grade %
Concentrate produced kt
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 15.7 8.4 10.6 6.5 7.3 32.8 15.7 109%
Payable gold concentrate troy oz 28,856 15,524 20,045 14,644 12,955 63,168 28,856 119%
Payable silver concentrate troy koz 87 53 59 38 48 198 87 128%
Carrapateena/2/
Material mined kt
Ore milled kt
Average copper grade %
Concentrate produced kt
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 11.9 13.8 21.0 10.6 20.7 66.1 11.9 455%
Payable gold concentrate troy oz 15,242 18,652 27,437 13,492 27,552 87,133 15,242 472%
Payable silver concentrate troy koz 155 205 305 151 263 924 155 496%
------- ------- ------- ------- ------- ------- ------- -------
1 Excludes prior year production previously reported and transferred during the period.
2 Production and sales included from 1 May 2023, following the acquisition of OZL on 2 May 2023.
9
--------------------------------------------------------------------------------
BHP | Operational review for the year ended 30 June 2024
Production
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Jun Sep Dec Mar Jun Jun Jun Var
2023 2023 2023 2024 2024 2024 2023 %
------- ------- ------- ------- ------- ------- ------- -------
Copper (continued)
Antamina, Peru BHP interest 33.75%
Material mined kt 62,894 63,310 61,539 56,233 62,481 243,563 253,448 (4)%
Concentrator throughput kt 13,897 14,246 14,824 14,312 14,534 57,916 54,376 7%
Average head grade - copper % 0.88% 0.83% 0.90% 0.83% 0.91% 0.87% 0.89% (2)%
Average head grade - zinc % 1.25% 1.17% 1.03% 0.68% 0.68% 0.89% 1.10% (19)%
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 36.5 32.5 39.2 33.9 38.3 143.9 138.4 4%
Payable zinc t 38,822 35,669 33,475 18,409 15,839 103,392 125,048 (17)%
Payable silver troy koz 971 798 975 713 873 3,359 3,885 (14)%
Payable lead t 146 96 105 -- 131 332 657 (49)%
Payable molybdenum t 333 283 336 621 582 1,822 1,172 55%
------- ------- ------- ------- ------- ------- ------- -------
Carajas, Brazil/1/ BHP interest 100%
Material mined kt 103 74 115 163 134 486 103 372%
Ore milled kt 100 70 119 163 135 487 100 387%
Average copper grade % 1.71% 1.91% 1.69% 2.07% 1.68% 1.85% 1.71% 8%
Production ex mill kt 6.6 5.2 7.6 12.9 8.8 34.5 6.6 423%
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 1.6 1.2 1.8 3.2 2.2 8.4 1.6 425%
Payable gold concentrate troy oz 1,153 802 1,256 2,083 1,672 5,813 1,153 404%
------- ------- ------- ------- ------- ------- ------- -------
1 Production and sales included from 1 May 2023, following the acquisition of OZL on 2 May 2023.
Iron ore
Iron ore production and sales are reported on a wet tonnes basis.
WAIO, Australia BHP interest 85%
Newman Joint Venture kt 14,795 13,234 15,468 15,032 14,368 58,102 56,945 2%
Area C Joint Venture kt 28,818 25,804 26,074 24,920 29,070 105,868 107,375 (1)%
Yandi Joint Venture kt 5,359 3,150 4,978 4,434 5,293 17,855 21,410 (17)%
Jimblebar/1/ kt 15,102 19,816 17,940 15,913 19,442 73,111 66,801 9%
Total kt 64,074 62,004 64,460 60,299 68,173 254,936 252,531 1%
------- ------- ------- ------- ------- ------- ------- -------
Total (100%) kt 72,717 69,448 72,670 68,131 76,773 287,022 285,307 1%
------- ------- ------- ------- ------- ------- ------- -------
Lump kt
Fines kt
Total kt
Total (100%) kt
------- ------- ------- ------- ------- ------- ------- -------
1 Shown on a 100% basis. BHP interest in saleable production is 85%.
Samarco, Brazil BHP interest 50%
Total kt 1,221 1,231 1,302 1,174 1,041 4,748 4,512 5%
------- ------- ------- ------- ------- ------- ------- -------
Sales
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Jun Sep Dec Mar Jun Jun Jun Var
2023 2023 2023 2024 2024 2024 2023 %
------- ------- ------- ------- ------- ------- ------- -------
Copper (continued)
Antamina, Peru BHP interest 33.75%
Material mined kt
Concentrator throughput kt
Average head grade - copper %
Average head grade - zinc %
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 34.5 32.8 38.3 31.3 37.4 139.8 139.2 0%
Payable zinc t 37,629 33,912 37,092 17,559 14,118 102,681 126,427 (19)%
Payable silver troy koz 747 745 785 587 694 2,811 3,380 (17)%
Payable lead t 143 154 91 108 9 362 545 (34)%
Payable molybdenum t 227 261 306 458 544 1,569 1,072 46%
------- ------- ------- ------- ------- ------- ------- -------
Carajas, Brazil/1/ BHP interest 100%
Material mined kt
Ore milled kt
Average copper grade %
Production ex mill kt
------- ------- ------- ------- ------- ------- ------- -------
Payable copper kt 2.1 2.2 -- 2.3 2.8 7.3 2.1 248%
Payable gold concentrate troy oz 1,688 1,533 -- 1,583 1,840 4,956 1,688 194%
------- ------- ------- ------- ------- ------- ------- -------
1 Production and sales included from 1 May 2023, following the acquisition of OZL on 2 May 2023.
Iron ore
Iron ore production and sales are reported on a wet tonnes basis.
WAIO, Australia BHP interest 85%
Newman Joint Venture kt
Area C Joint Venture kt
Yandi Joint Venture kt
Jimblebar/1/ kt
Total kt
Total (100%) kt
------- ------- ------- ------- ------- ------- ------- -------
Lump kt 20,022 20,969 19,176 19,175 20,260 79,580 77,979 2%
Fines kt 42,904 43,211 43,430 42,693 47,063 176,397 170,904 3%
Total kt 62,926 64,180 62,606 61,868 67,323 255,977 248,883 3%
------- ------- ------- ------- ------- ------- ------- -------
Total (100%) kt 71,172 71,748 70,340 69,775 75,898 287,761 280,716 3%
------- ------- ------- ------- ------- ------- ------- -------
1 Shown on a 100% basis. BHP interest in saleable production is 85%.
Samarco, Brazil BHP interest 50%
Total kt 1,160 1,136 1,329 1,258 1,043 4,766 4,514 6%
------- ------- ------- ------- ------- ------- ------- -------
10
--------------------------------------------------------------------------------
BHP | Operational review for the year ended 30 June 2024
Production
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Jun Sep Dec Mar Jun Jun Jun Var
2023 2023 2023 2024 2024 2024 2023 %
------- ------- ------- ------- ------- ------- ------- -------
Coal
Coal production is reported on the basis of saleable product.
BMA, Australia BHP interest 50%
Blackwater/1/ kt 1,505 1,295 1,182 1,070 25 3,572 5,055 (29)%
Goonyella kt 2,348 827 1,736 1,824 2,047 6,434 8,310 (23)%
Peak Downs kt 1,424 1,121 846 1,012 1,238 4,217 5,480 (23)%
Saraji kt 1,326 1,010 701 759 817 3,287 4,596 (28)%
Daunia/1/ kt 617 545 431 524 13 1,513 1,989 (24)%
Caval Ridge kt 1,257 803 821 846 782 3,252 3,590 (9)%
Total/2/ kt 8,477 5,601 5,717 6,035 4,922 22,275 29,020 (23)%
------- ------- ------- ------- ------- ------- ------- -------
Total (100%) kt 16,954 11,202 11,434 12,070 9,844 44,550 58,040 (23)%
------- ------- ------- ------- ------- ------- ------- -------
Coking coal kt
Weak coking coal kt
Thermal coal kt
Total kt
Total (100%) kt
------- ------- ------- ------- ------- ------- ------- -------
1 Production and sales included contribution from Blackwater and Daunia mines until their divestment on 2 April 2024.
2 Production figures include some thermal coal.
NSWEC, Australia BHP interest 100%
Export kt
Domestic/1/ kt
Total kt 4,765 3,613 3,855 4,149 3,751 15,368 14,172 8%
------- ------- ------- ------- ------- ------- ------- -------
1 Domestic sales are made under the NSW Government Coal Market Price Emergency
(Directions for Coal Mines) Notice 2023.
Other
Nickel production is reported on the basis of saleable product.
Western Australia Nickel, Australia BHP interest 100%
Mt Keith Nickel concentrate kt 44.5 42.7 43.8 32.4 42.6 161.5 165.5 (2)%
Average nickel grade % 16.2 16.7 16.8 15.2 17.8 16.7 16.3 2%
------- ------- ------- ------- ------- ------- ------- -------
Leinster Nickel concentrate kt 71.1 66.0 63.4 60.3 76.6 266.3 254.2 5%
Average nickel grade % 8.5 8.1 8.0 7.8 9.0 8.3 9.1 (9)%
------- ------- ------- ------- ------- ------- ------- -------
Refined nickel/1/ kt 13.1 13.8 12.6 8.8 14.7 49.9 54.6 (9)%
Nickel sulphate/2/ kt 0.7 0.9 0.7 1.0 1.6 4.2 3.2 31%
Intermediates and nickel
by-products/3/ kt 8.2 5.5 6.3 9.0 6.7 27.5 22.2 24%
Total nickel kt 22.0 20.2 19.6 18.8 23.0 81.6 80.0 2%
------- ------- ------- ------- ------- ------- ------- -------
Cobalt by-products t 246 192 182 179 181 734 752 (2)%
------- ------- ------- ------- ------- ------- ------- -------
1 High quality refined nickel metal, including briquettes and powder.
2 Nickel sulphate crystals produced from nickel powder.
3 Nickel contained in matte and by-product streams.
Sales
----------------------------------------------------------------------
Quarter ended Year to date
------------------------------------------- -------------------------
Jun Sep Dec Mar Jun Jun Jun Var
2023 2023 2023 2024 2024 2024 2023 %
------- ------- ------- ------- ------- ------- ------- -------
Coal
Coal production is reported on the basis of saleable product.
BMA, Australia BHP interest 50%
Blackwater/1/ kt
Goonyella kt
Peak Downs kt
Saraji kt
Daunia/1/ kt
Caval Ridge kt
Total/2/ kt
Total (100%) kt
------- ------- ------- ------- ------- ------- ------- -------
Coking coal kt 7,448 4,497 4,756 5,410 4,862 19,525 24,307 (20)%
Weak coking coal kt 1,064 529 752 927 42 2,250 3,101 (27)%
Thermal coal kt 364 299 198 22 -- 519 1,163 (55)%
Total kt 8,876 5,325 5,706 6,359 4,904 22,294 28,571 (22)%
------- ------- ------- ------- ------- ------- ------- -------
Total (100%) kt 17,752 10,650 11,412 12,718 9,808 44,588 57,142 (22)%
------- ------- ------- ------- ------- ------- ------- -------
1 Production and sales included contribution from Blackwater and Daunia mines until their divestment on 2 April 2024.
2 Production figures include some thermal coal.
NSWEC, Australia BHP interest 100%
Export kt 4,693 3,087 3,942 3,558 3,254 13,841 13,663 1%
Domestic/1/ kt 201 220 308 374 424 1,326 201 560%
Total kt 4,894 3,307 4,250 3,932 3,678 15,167 13,864 9%
------- ------- ------- ------- ------- ------- ------- -------
1 Domestic sales are made under the NSW Government Coal Market Price Emergency
(Directions for Coal Mines) Notice 2023.
Other
Nickel production is reported on the basis of saleable product.
Western Australia Nickel, Australia BHP interest 100%
Mt Keith Nickel concentrate kt
Average nickel grade %
Leinster Nickel concentrate kt
Average nickel grade %
------- ------- ------- ------- ------- ------- ------- -------
Refined nickel/1/ kt 13.1 13.2 13.0 8.6 14.8 49.6 54.4 (9)%
Nickel sulphate/2/ kt 0.8 0.8 0.7 0.8 1.5 3.8 3.0 27%
Intermediates and nickel
by-products/3/ kt 9.5 4.9 6.3 9.4 6.9 27.5 24.7 11%
Total nickel kt 23.4 18.9 20.0 18.8 23.2 80.9 82.1 (1)%
------- ------- ------- ------- ------- ------- ------- -------
Cobalt by-products t 246 192 110 179 181 662 752 (12)%
------- ------- ------- ------- ------- ------- ------- -------
1 High quality refined nickel metal, including briquettes and powder.
2 Nickel sulphate crystals produced from nickel powder.
3 Nickel contained in matte and by-product streams.
11
--------------------------------------------------------------------------------
BHP | Operational review for the year ended 30 June 2024
Variance analysis relates to the relative performance of BHP and/or its
operations during the 12 months ended June 2024 compared with the 12 months
ended June 2023, unless otherwise noted. Production volumes, sales volumes and
capital and exploration expenditure from subsidiaries are reported on a 100%
basis; production and sales volumes from equity accounted investments and other
operations are reported on a proportionate consolidation basis. Numbers
presented may not add up precisely to the totals provided due to rounding.
Medium-term refers to a five year horizon, unless otherwise noted.
The following abbreviations may have been used throughout this report: billion
tonnes (Bt); cost and freight (CFR); cost, insurance and freight (CIF), carbon
dioxide equivalent (CO2-e), dry metric tonne unit (dmtu); free on board (FOB);
giga litres (GL); greenhouse gas (GHG); grams per cubic centimeter (g/cm3),
grams per tonne (g/t); high-potential injury (HPI); kilograms per tonne (kg/t);
kilometre (km); million ounces per annum (Mozpa); metres (m), million pounds
(Mlb); million tonnes (Mt); million tonnes per annum (Mtpa); ounces (oz); OZ
Minerals Limited (OZL); part per million (ppm), pounds (lb); thousand ounces
(koz); thousand ounces per annum (kozpa); thousand tonnes (kt); thousand tonnes
per annum (ktpa); thousand tonnes per day (ktpd); tonnes (t); total recordable
injury frequency (TRIF); wet metric tonnes (wmt); and year to date (YTD).
In this release, the terms `BHP', the `Group', `BHP Group', `we', `us', `our'
and `ourselves' are used to refer to BHP Group Limited and, except where the
context otherwise requires, our subsidiaries. Refer to note 30 `Subsidiaries' of
the Financial Statements in BHP's 30 June 2023 Annual Report for a list of our
significant subsidiaries. Those terms do not include non-operated assets.
Notwithstanding that this release may include production, financial and other
information from non-operated assets, non-operated assets are not included in
the BHP Group and, as a result, statements regarding our operations, assets and
values apply only to our operated assets unless stated otherwise. Our
non-operated assets include Antamina and Samarco. BHP Group cautions against
undue reliance on any forward-looking statement or guidance in this release.
These forward-looking statements are based on information available as at the
date of this release and are not guarantees or predictions of future performance
and involve known and unknown risks, uncertainties and other factors, many of
which are beyond our control and which may cause actual results to differ
materially from those expressed in the statements contained in this release.
Further information on BHP can be found at bhp.com
Sponsor: J.P. Morgan Equities South Africa Proprietary
Authorised for lodgement by:
Stefanie Wilkinson
Group Company Secretary
Media Relations Investor Relations
Email: media.relations@bhp.com Email: investor.relations@bhp.com
Australia and Asia Australia and Asia
Gabrielle Notley John-Paul Santamaria
Tel: +61 3 9609 3830 Mobile: +61 411 071 715 Mobile: +61 499 006 018
Europe, Middle East and Africa Europe, Middle East and Africa
Neil Burrows James Bell
Tel: +44 20 7802 7484 Mobile: +44 7786 661 683 Tel: +44 20 7802 7144 Mobile: +44 7961 636 432
Americas Americas
Renata Fernandez Monica Nettleton
Mobile: +56 9 8229 5357 Mobile: +1 416 518 6293
BHP Group Limited ABN 49 004 028 077
LEI WZE1WSENV6JSZFK0JC28
Registered in Australia
Registered Office: Level 18, 171 Collins Street
Melbourne Victoria 3000 Australia
Tel +61 1300 55 4757 Fax +61 3 9609 3015
BHP Group is headquartered in Australia
Follow us on social media
12
--------------------------------------------------------------------------------
BHP | Operational review for the year ended 30 June 2024
Date: 17-07-2024 08:15:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
